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Trade hopes help stocks to higher open

Oct. 21, 2019 9:55 AM ETBy: Carl Surran, SA News Editor26 Comments
  • Stocks start with broad gains, helped by optimism around U.S.-China trade talks; Dow +0.1%, S&P +0.4%, Nasdaq +0.6%.
  • Chinese Vice Premier Liu He said over the weekend that his government would work with the U.S. to address each other's concerns and that both sides had made "substantial progress" on trade.
  • Boeing (-4.9%) is the S&P's biggest decliner in the early going after the stock was downgraded at both UBS and Credit Suisse after dropping nearly 7% on Friday following messages that suggested employees concealed safety concerns about the 737 MAX from the FAA.
  • But early strength in Apple (+1.2%) helps boost market sentiment after Raymond James raises its stock price target to a Street-high $280.
  • European markets march higher despite Brexit uncertainty, with Germany's DAX +1.2%, France's CAC +0.4% and U.K.'s FTSE +0.2%; in Asia, Japan's Nikkei +0.3% and China's Shanghai Composite +0.1%.
  • In other corporate news, WSJ reports four drug companies - AmerisourceBergen, Cardinal Health, McKesson and Teva Pharma - reached a last-minute opioid settlement ahead of a trial that was set to begin today.
  • Among the S&P 500 sectors, financials (+1.2%) and energy (+1.1%) rank as the early leaders, while real estate (-0.2%) and utilities (-0.1%) lag the broader market.
  • U.S. Treasury prices are lower, lifting the two-year yield up 2 bps to 1.59% and the 10-year yield up 3 bps to 1.78%; U.S. Dollar Index flat at 97.26.
  • WTI November crude oil -1.6% to $52.90/bbl.

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